CARES Act: Greater Tax Benefits for Donations in 2020

Thanks to the recently passed CARES Act, everyone will be able to deduct charitable donations to qualified nonprofits – like the Truckee Donner Land Trust - in 2020.

While we always suggest speaking to a tax professional before making financial decisions, the basics are:

• Anybody can claim above-the-line deductions for charitable gifts up to $300, even if they don’t itemize their deductions on their tax returns.

• For those that do itemize – the limit (50% of gross adjusted income or 60% for cash) is suspended for 2020.

• Corporations’ limit on deductions has been raised from 10% of AGI to 20% for 2020.

Exclusions - non-cash gifts or gifts to donor advised funds.

While these are financially challenging times for many – those who have the financial security can make a real difference to the Land Trust right now and see increased tax benefits in 2020.

Learn more about the tax rules here. If you have any questions, please don’t hesitate to contact us.